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THE HOUSING MARKET AND WHAT BABY BOOMERS WANT NOW
As Baby Boomers reach retirement age, one of the things that is predominant in their thinking is to pay off their mortgage.
Boomers have spent their adult life working to pay off their mortgage ans see this as their destination, as well as a milestone season in their lives.
When surveyed, the majority of Baby Boomers want to stay independent and live in their own homes as they age, rather than live in a retirement facility. Many state if long term care is required, they would prefer to have in home care as long as possible.
The growing trend, is to move from their large family home to something more manageable, typically a one story residence or condo to accommodate aging knees, hips and backs. Downsizing also allows freedom from maintaining large properties and gardens, to be able to slow down and take life a little easier.
Boomers want to return to their roots by relocating close to familiar areas near amenities such as grocery stores, walking trails, parks, restaurants and coffee shops.Having a sense of community is at the forefront of their thinking. While many Boomers wish to stay close to home in order to stay connected to family and friends, there are others who sell their large homes in favour of moving to a warmer climate or to travel freely.
Baby Boomers site they do not mind a bit of elbow grease to update their new properties, however many wish to relocate to a "move in ready" property that are clean, with an open concept main floor for family gatherings and entertaining.
Conveniences such as a main floor laundry room, updated appliances and modern interiors are very desirable. Each style of home and each area of the City attract specific Buyers. Hiring a Realtor who knows the area well and understands the multiple ways of reaching your target market when Selling, is a very important part of the process.
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